Gold continues to consolidate below 1250 at the upper boundary of the down trend channel, with the 200 hour MA continuing to provide a ceiling for the price.
We expect another quiet day of trading today as US traders extend their Thanksgiving holiday to the weekend.
Next week, with traders returning to their desks, we should see more volatility. We expect the bearish theme to continue in gold after the pause this week, with a test of 1180 a real possibility in coming days.
The virtually flat trading is also apparent in oil, the dollar and equities as would be expected.
Support can be found at 1240, 1235, 1225, 1220, 1238, 1250, 1207-1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term.
Resistance can be found at 1250, 1260, 1270, 1277-1280 and 1291-1295. A break above 1295 would suggest an end to the down trend, though it would take a break of 1360 to confirm this was the case.
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Friday’s Gold Outlook
Published 11/29/2013, 06:48 AM
Updated 07/09/2023, 06:31 AM
Friday’s Gold Outlook
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